Ignoring GST, which of the following entries correctly records the purchase of land for $300 000 financed by a $100 000 cash deposit with the balance payable via a 20-year, 6% loan?

Select one:

a. DR Land $300 000; CR Bank $100 000; CR Loan $200 000

b. DR Land $300 000; CR Bank $300 000

c. DR Land $100 000; CR Bank $100 000

d. DR Land $300 000; CR Loan $300 000